The ruling on keeping shares in banks
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Question:
He says: Some companies, or rather, a company he invested in, have a method where they keep their shares in banks until their projects begin. What is the ruling on that? Simply keeping shares in banks without investing them.
Answer:
It is riba (usury or interest), but there is no harm in it. I mean, depositing in banks solely for the purpose of safekeeping is permissible in cases of dire necessity. If there is a fear that the funds will be lost or damaged, and they are deposited with the bank merely to be kept safe, not for the sake of increase or investment, but only for safekeeping, then there is no harm in it. However, if the bank invests them through riba and pays a portion of the riba to their owners, then it is not permissible to invest in it.
He says: Some companies, or rather, a company he invested in, have a method where they keep their shares in banks until their projects begin. What is the ruling on that? Simply keeping shares in banks without investing them.
Answer:
It is riba (usury or interest), but there is no harm in it. I mean, depositing in banks solely for the purpose of safekeeping is permissible in cases of dire necessity. If there is a fear that the funds will be lost or damaged, and they are deposited with the bank merely to be kept safe, not for the sake of increase or investment, but only for safekeeping, then there is no harm in it. However, if the bank invests them through riba and pays a portion of the riba to their owners, then it is not permissible to invest in it.
Source
المساهمة في شركات تضع أموالها في البنوك — alfawzan.live
The Arabic text is a machine transcription of the audio recording.